NYSE Rule 7.12

Key provisions:

• A market-wide trading halt applies when the S&P 500 Index declines by specified percentages from the previous trading day’s close.
• Three market-decline thresholds apply:
  • Level 1 (7%);
  • Level 2 (13%); and
  • Level 3 (20%).
• Level 1 and Level 2 declines generally trigger a 15-minute halt in trading of all stocks if they occur before the applicable cutoff time.
• A Level 3 decline triggers a halt in trading for the remainder of the trading day, regardless of when it occurs.
• Trading resumes after a Level 1 or Level 2 halt under Exchange reopening procedures and is generally coordinated with the primary listing market.
• Exchange authority to halt, suspend, or pause trading under other rules and policies is preserved.
• Member organizations must participate in required market-wide circuit breaker testing and demonstrate their ability to receive, process, and respond to halt and resume messages.
• Exchange and industry reviews are required following market-wide circuit breaker events and certain significant market declines to evaluate whether changes to the rule are warranted.